29 May 2020
Pharmaceutical output in Singapore has spiked 86% so far this year, official data showed, while export data for April showed pharmaceutical shipments surged 174% from the same month a year earlier, albeit from a low base.
Singapore is one of the few countries in the world that exports more pharmaceuticals than it imports, according to Fitch Solutions. It has more than 50 pharmaceutical manufacturing facilities, including plants owned by eight of the world’s ten biggest pharma firms.
Companies and governments around the world are building large inventories of active pharmaceutical ingredients (APIs) and drugs to ensure supplies of medicines remain uninterrupted and can be made close to market, said How Ti Hwei, president of the Singapore Association of Pharmaceutical Industries.
How said the pandemic has driven up demand for intensive care and emergency-use drugs, including antibiotics and anaesthesia products. The United States, Europe and Japan were Singapore’s biggest export destinations for APIs in recent months, he added.
Its biomedical industry, which employs more than 24,000 people, accounted for about 20% of the manufacturing sector in 2019 which in turn accounted for about a fifth of GDP.Print
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